Average transaction prices (ATP) for new cars hit an all-time high of $46,320 in November, marking the eighth consecutive record-setting month.
According to Kelly Blue Book, the figure marks a 13.2% increase from November 2020, when it was $40,937.
Sales are down due to short supply, which has reduced incentives as the continuing consumer shift from cars to SUVs and trucks has helped drive up the ATP.
Cars comprised just 21.7% of November sales, down from nearly 30% during the same month in 2018, but even subcompact cars saw increases of 16.7%.
“High prices and limited choices likely are keeping many car buyers on the sidelines,” Cox Automotive analyst Kayla Reynolds said.
“It’s still a seller’s market, and we don’t expect things to change anytime soon. However, with high prices being the norm right now for both new and used vehicles, that means trade-in values are very favorable and can help soften the blow for consumers as they purchase their next vehicle.”